E11-3 Preparing the Stockholders Equity Section of the Balance Sheet [LO 11-2, LO 11-4]

North Wind Aviation received its charter during January 2013. The charter authorized the following capital stock:

Preferred stock: 8 percent, par $10, authorized 20,000 shares.

Common stock: par $1, authorized 50,000 shares.

During 2013, the following transactions occurred in the order given:

a.	Issued a total of 31,000 shares of the common stock for $11 per share.
b.	Issued 11,000 shares of the preferred stock at $12 per share.
c.	Issued 2,100 shares of the common stock at $16 per share and 1,100 shares of the preferred stock at $12.
d.	Net income for the first year was $39,000.

Required:

Prepare the stockholders